PCCP JV to develop 412-unit property in Northern Virginia
The Hanover Co. has created an equity joint venture with PCCP for The Hanover Company’s 412-unit apartment development with ground-floor retail in Northern Virginia’s Tysons Corner submarket.
The property will be situated on a 5.86-acre site at 1500 Westbranch Drive near major area employers and more than 6 million square feet of retail in the surrounding area. In addition, the transit-oriented development will provide access to the Capital Beltway, the 495 Express Lanes, the Dulles Toll Road and Metrorail’s Silver Line. The six-story property will encompass a mix of 343 market-rate and 69 affordable units, which will average 889 square feet, along with nearly 3,000 square feet of ground-floor retail and 596 residential parking spaces.
Completion is expected in late 2021.